Olaplex (NASDAQ:OLPX) shares are under pressure in the morning session today after the hair care products provider announced a leadership transition. Olaplex has appointed Amanda Baldwin as its new CEO, effective by early next year. She will also join the company’s Board. In the meantime, the Executive Chair of Olaplex’s Board, John Bilbrey, will act as the company’s interim CEO.
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JuE Wong, the departing CEO, commented, “I can’t wait to see all that Olaplex accomplishes in the years to come and will remain a loyal and committed champion of the brand.” For more than three years, Wong oversaw Olaplex’s progress in the prestige beauty category, scaled it into an international brand, and navigated the company through its initial public offering.
Since its listing in September 2021, Olaplex’s share price has dropped from highs of nearly $30 to the present $1.70 level. Amanda Baldwin, the incoming CEO, is a veteran in the beauty and consumer industries. Prior to Olaplex, she served as the CEO of SPF skincare brand Supergoop.
Today, Olaplex also reaffirmed its financial expectations for Fiscal 2023. The company expects net sales to hover in the range of $445 million to $465 million for the year, with adjusted EBITDA anticipated to be between $161 million and $176 million.
Is OLPX a Good Stock to Buy?
Overall, the Street has a Hold consensus rating on Olaplex. The average OLPX price target of $3.43 implies an eye-popping 100.6% potential upside.
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